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Mission of the IFRS Foundation and IASB (Process for developing IFRS…
Mission of the IFRS Foundation and IASB
mission
develop IFRS that bring transparency, accountability and efficiency to the global financial markets
Transparency- enhance quality of financial info, enabling investors to make informed economic decisions
Strengthen accountability- reduce info gap
contribute to economic efficiency by helping investors identify opportunities and risks globally- improve capital allocation.
Non for profit organisation- public interest
IASB- set accounting standards globally
Board is commited to developing in the public interest
single set of high quality global accounting standards that provide investors, lenders etc with relevant info in general purpose financial statements
Convergence
an appropriate short term strategy for a particular jurisdiction
may facilitate adoption over a transitional period
What are IFRS standards
set of globally recognised standards for prep of financial statements by business entities.
what they prescribe?
the items that should be recognised as assets, liabilities, income and expense
measure those items
present in financial statement
related disclosure about those items
Developed by the IASB board
Process for developing IFRS standards
Board follows a rigorous, evidence-based process
Agenda consultation
Request for info
3-5 yr plan
Research programme
Research
Discussion paper
Agenda proposal
Standards development
Exposure draft
Final IFRS standard
Implementation
Interpretation
Post implementation review